U.S. PRESIDENCY.

Gisborne Times, Volume LXVIII, Issue 10740, 10 November 1928, Page 5

U.S. PRESIDENCY.

GOVERNOR SMITH’S PROSPECTS.

MAY BE HEAD OF NEW WALL STREET BANK, (Australian Press Association.) NEW YORK, Nov. 8It is reported in hanking circles that within ten days Governor Smith .wi]l._bfi_.ojle,red.. the chairmanship..,of, directors of the newly projected 55,000,000 dollar Wall ..Street Bank, which will have the largest capital .funds with which any bank has been organised in the United States. Mr John Raskbh, Governor Smith’s manager, will probably also be connected with the bank, since he is not returning to General Motors. SMITH’S DEFEAT UNIQUE EXPLANATION DUE TO PROHIBITION AND RELIGION! United Preßß Assn, by El. Tel. Copyright (Australian Press Association..) NEW YORK, Nov. 8. The Denver Post, whose _ politics are independent, has a unique explanation for the election. “The American people have spoken. Prohibition is here to stay. Woe betide any candidate or party who attempts to nullify or repeal it. Women and automobiles are _ the two explanations of the crushing defeat administered Governor Smith. He wall go down to history as the man who wrecked the Democratic Party. Never again will any great political party dare to ride into power on a beer keg and whisky bottle.” The Arkansas Gazette says: “The greatest reason for regretting the result of th© balloting is that religious freedom has been called into question in a land founded upon the principle of religious freedom.”

ACTIVITY ON NEW YORK STOCK EXCHANGE

FACILITIES TAXED TO THE UTMOST United Preaa Assn, by El. Tel. Copyright (Australian Press Assn.) (Received Nov. 9, 5.5 p.m.) NEW YORK, Nov. 8. With tickers running more than an hour late towards the close _ of the Stock Exchange, the facilities for handling the tremendous volume of business from all parts of the United States were taxed to the utmost. Buying was in progress after an early period, and there was irregularity until mid-afternoon. Then call money rose to 'Bl per cent, from the renewal rate, which is 6 per cent., and the usual Thursday anxiety regarding brokers’ loans caused heavy profit trading. Call money rate renewal opened at 6 per cent, the highest level being 6J per cent., and the lowest 6 per cent. The market closed at 61 per cent.